West Texas Intermediate traded near a three-month low amid speculation about a gain in oil inventories and concern that the U.S. government’s first shutdown in 17 years will slow economic growth and demand for crude.
Futures dropped as much as 0.6 percent, poised for the lowest close in three months. The U.S., the world’s biggest oil user, began halting some official operations because of a budget stalemate yesterday. Crude stockpiles climbed by 4.55 million barrels last week, the industry-funded American Petroleum Institute said, while data from the Energy Information Administration today may show supplies gained 2.5 million barrels, according to a Bloomberg News survey.
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